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Thierfelder, Felix - Deutsche Bundesbank - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …

Persistent link: https://www.econbiz.de/10010535438

Does anticipation of government spending matter? Evidence from an expectation augmented VAR

Tenhofen, Jörn; Wolff, Guntram B. - Deutsche Bundesbank - 2007

How does private consumption react to an exogenous increase in government expenditure? Standard structural vector autoregressions (SVARs) usually report a positive GDP as well as consumption response, while event studies report a negative consumption response. We investigate in a SVAR whether...

Persistent link: https://www.econbiz.de/10005083242

The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis

Wolff, Guntram B.; Tenhofen, Jörn; Heppke-Falk, Kirsten H. - Deutsche Bundesbank - 2006

We investigate the short-term effects of fiscal policy shocks on the German economy following the SVAR approach by Blanchard and Perotti (2002). We find that direct government expenditure shocks increase output and private consumption on impact with low statistical significance, while they...

Persistent link: https://www.econbiz.de/10005083253

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - Deutsche Bundesbank - 2000

accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10005083087

Uncertainty about perceived inflation target and monetary policy

Aoki, Kosuke; Kimura, Takeshi - Deutsche Bundesbank - 2007

We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation...

Persistent link: https://www.econbiz.de/10005083174